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Government to debate Petroleum Bill

The Petroleum Bill and suite of associated regulations as well as a Sovereign Wealth Bill have been put before the Bahamian House of Assembly for their second readings. 

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Date:
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BPC via Stock Market Wire
Thursday, May 21, 2015
Thursday, May 21, 2015

ALT TAG HERENASSAU 21 May 2015 (Stock Market Wire) – Bahamas Petroleum Co is pleased to note that the Petroleum Bill and suite of associated regulations as well as a Sovereign Wealth Bill have been put before the Bahamian House of Assembly for their second readings.

This suite of Bills and associated regulations are set to guide and govern the next phase of safe and responsible hydrocarbon exploration in The Bahamas as well as providing the legislative framework to ensure that the accrued wealth from any exploration success would be optimally invested, managed and conserved for the benefit of this and future generations of Bahamians.


The Company considers that the legislative package, once promulgated, will reinforce responsible and safe hydrocarbon exploration as an integral part of the National Energy Policy of The Bahamas, whilst providing the assurance required to attract the considerable investment necessary to develop the potentially huge and therefore significant economic resources present in Bahamian waters. Chief executive Simon Potter said: “We are pleased to note that the Minister for Environment and Housing has presented the Petroleum Bill and attendant regulations to the House of Assembly for debate, which constitutes the second of three readings. Yesterday’s reading further reinforces the Government’s commitment to petroleum exploration, where a successful outcome could be an economic game-changer for The Bahamas given the shear scale of the prospects. We look forward to updating our shareholders further in due course.”

At 9:21am: [LON:BPC] Bahamas Petroleum Company PLC share price was +0.03p at 2.28p

[Note: Any reference to shares, earnings, ratings and and their underlying recommendation does not reflect the opinion of The Bahamas Investor or any of its contributors.]

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